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Tesco Mortgages
marbles00
Posts: 34 Forumite
Does anyone know what the lending criteria is like for the new Tesco mortgage. We have an excellent credit rating and have just been declined...
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Comments
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Think you have answered your own question, it is unpredictable and quite tough.
Would be prudent to get at least your Experian and Equifax reports just in case, before approaching another lender.
Good luckI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
How much do you earn?
how much were you looking to lend?
Whats the value of the property?
Have you asked them why they have declined you?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Have a deposit of over £300k cash so only looking to borrow £95k.
1 of us is in employment, the other isn't (was a mature student, about to return to work in the new year).
Credit rating excellent with experian 985 and 472 good with equifax.
Seems odd!0 -
Ages?
Surely they must have given you a reason for the decline?
Credit score, affordability or criteria?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
What is your income?
At 25% LTV there must be an issue somewhere. Do you have any adverse credit?
Is the property of standard construction?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Just a generic reply saying no! Call lines v busy so can't get through to anyone and no online agents available for web talk!
Any suggestions on who would be good to apply to as I don't want to end up in a position where we get declined again. Perhaps Tesco are super fussy as they are v v good rates/deals.
That said the loan to value is only around 24% as we have such a high cash deposit so surely there is a lender who would see this as good?!0 -
Is it your ages?
Tesco do appear to be having some teething problems, so may not be you but them. Although would be unwise to assume this.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
What is your income? Ages?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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ages 35 and 40. Income £40k from 1 of us as the other was mature student and is returning to work in the new year. No credit issues, a mystery...as I cant get through to them think i'll need to go elsewhere now!0
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Should be fine based upon what you have said. Take your business elsewhere..
All the bestI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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